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Australia’s jobless rate unexpectedly rose to an eight-month high in July as hiring stalled. Unemployment jumped to 5.1 percent in July from 4.9 percent a month earlier, the first increase since October. The number of workers fell by 100 after a revised 18,200 gain in June. The Aussie did weaken after the release but has since retraced to trade in the mid AUD$1.57 level.
Yesterday the markets once again took a knock, in particular – European banking shares. Societe Generale SA, France’s second-largest bank, denied “all market rumors” and asked the nation’s market watchdog for an investigation after speculation France’s creditworthiness was in doubt sent the shares tumbling. Societe Generale led European bank stocks to the lowest since the aftermath of the credit crisis yesterday. France’s top credit rating was confirmed by all three major rating companies as speculation that Europe’s debt crisis would spread to the region’s second-biggest economy. As a result of the stock market plunging investors sought the haven of the greenback with both Sterling and the euro losing over 1.5 cents each mid afternoon to $1.6124 and $1.4167 respectively.
Additionally Meryvn King gave a gloomy outlook for the UK which consequently pushed Sterling down against its counterparts. He predicted that inflation would increase to 5% before dropping to below their target rate of 2%. Two pieces of data out from the United States today: Trade Balance figures and Unemployment Claims both released at 13:30 GMT.
Author - William Holliday
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